Morocco and Norway have signed a new agreement aimed at strengthening cooperation on carbon markets, supporting investments in renewable energy sources and accelerating the achievement of emission reduction targets.
The agreement signed between Leila Benali, Minister of Energy for the Transition Period of Morocco, and Andreas Bjelland Eriksen, Minister of Climate and Environment of Norway, provides for the development of joint climate projects and the effective use of carbon market mechanisms between the two countries. The agreement will allow the development of joint climate projects based on the International Mitigation Results Transfer (ITMO) mechanism in accordance with Article 6 of the Paris Agreement, which supports countries' emission reduction goals. In a statement issued by the Moroccan Ministry of Energy of the Transition Period, it was stated that the agreement is aimed at developing market-based approaches to cooperation within the framework of Article 6.2 of the Paris Agreement. As part of the new cooperation, the parties intend to support projects that have a major impact on the climate, encourage sustainable investment flows and strengthen the role of carbon markets in the global decarbonization process. The planned Electricity Generation Incentive Program (GBI) is also considered as one of the important elements of the partnership. The program is expected to help reduce emissions by encouraging clean energy production.Author: Editorial staff of SteelRadar
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